Crude Oil Movement
On Friday, Crude Oil prices advanced 2.17% against the USD for the period ending 21:00GMT, closing at 75.94, amid rising speculations that the OPEC would be forced to slash its output after prices declined below $80 a barrel for the first time in four years.
Separately, the International Energy Agency (IEA) in its monthly report showed that oil prices could slip further in 2015, after dropping to their lowest level since 2010.
In the Asian session, at GMT0400, the pair is trading at 75.49, with the oil trading 0.59% lower from Friday’s close.
The pair is expected to find support at 73.72, and a fall through could take it to the next support level of 71.96. The pair is expected to find its first resistance at 76.77, and a rise through could take it to the next resistance level of 78.06.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
